11 results found

The European Commission has approved JD.com's acquisition of German retailer CECONOMY under the Foreign Subsidies Regulation, marking the first in-depth FSR review of a Chinese acquisition of an EU company. What makes this decision groundbreaking is the Commission's novel approach to remedies: rather than simply blocking subsidies or requiring divestitures, it mandated that JD.com open its subsidised logistics and technology capabilities to competitors on equal terms. This decision offers critical insights

The European Union General Court has upheld the European Commission's prohibition of Booking Holdings' proposed acquisition of the Etraveli Group, marking the first judicial confirmation of a 'reverse leveraging' theory of harm in merger control. This landmark judgment establishes that dominant platforms acquiring businesses in complementary markets face heightened scrutiny, even when the market share increment appears minimal, as entrenchment of weak competition may constitute sufficient grounds for prohib

The European Union's new foreign direct investment screening regulation introduces significant procedural improvements and standardised risk assessment criteria, while simultaneously expanding the scope of mandatory filings and eliminating preferential treatment for allied investors. Understanding how these changes will affect cross-border transactions and what steps dealmakers should take during the 18-month transition period is crucial for navigating the reformed regulatory landscape.

The EU Foreign Subsidies Regulation introduces new regulatory scrutiny for non-EU companies investing in Europe, with particular implications for Middle Eastern state-linked entities and sovereign wealth funds. The first major FSR merger investigation involving UAE-based e& and PPF Telecom reveals how the Commission applies this regime to government-backed investors from the Gulf region.

The European Insurance and Occupational Pensions Authority has issued new supervisory guidance addressing the growing trend of private equity investment in insurance companies. This comprehensive framework examines how regulators should assess not only the financial standing of acquirers, but also their post-acquisition business models, governance structures, and long-term commitment to policyholder protection in an evolving regulatory landscape.

The European Commission has proposed EU Inc, a harmonized corporate legal framework allowing companies to incorporate under a single European company-law form across all 27 Member States. This initiative aims to reduce legal fragmentation and transaction costs that currently discourage companies from scaling within the Single Market, addressing Europe's challenge of converting startups into unicorns at scale comparable to the United States. The proposal represents not merely a company-law simplification but

The EC's draft Merger Guidelines arrive at a moment of strong political and economic pressure on EU competition policy. For several years, stakeholders have argued that EU...

The European Commission has published draft Merger Guidelines representing the most comprehensive modernization of EU merger control in over twenty years. Spurred by landmark reports from Enrico Letta and Mario Draghi calling for regulatory reform to enable European firms to achieve global competitive scale, the draft introduces significant changes including a formal "theory of benefit" framework for efficiencies, an "innovation shield" for startup acquisitions, expanded non-price competition parameters, an

The European General Court has upheld the Commission's prohibition of Booking Holdings' acquisition of Etraveli Group, endorsing a novel 'reverse leveraging' theory of harm in platform mergers. This landmark judgment establishes that a dominant platform can be blocked from acquiring a business in an adjacent market even when the transaction produces only a marginal market share increase, if it serves to entrench an already weak competitive environment and make it harder for rivals to challenge the incumbent